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What is a PPI refund?

What is a Payment Protection Insurance (PPI) refund?

PPI stands for Payment Protection Insurance. This insurance may have been attached to credit agreements like loans, mortgages, hire purchase agreements, credit cards or store cards.

It was designed to cover you in the event that you’re unable to work because of sickness, redundancy or an accident. Unfortunately, Payment Protection Insurance was often mis-sold by banks and financial providers. This means that you could be entitled to a refund or compensation.

The banks and lenders often mis-sold PPI by adding it to policies without the customer being informed. They also mis-sold payment protection insurance by wrongly telling customers that they must have it (whether they wanted it or not). As a result, many people are unaware that they have been paying for it.

What next?

Do you suspect that you might be paying for payment protection insurance and are entitled to a refund or compensation? Use our PPI calculator to help estimate how much you could be refunded and start the reclaiming process today.

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